Cryptocurrency Mining will be allowed in Russia But The use of cryptocurrency will be banned.

The use of cryptocurrency as a means of payment for goods, works and services in the immediate future will be banned in Russia, Deputy Finance Minister Alexei Moiseyev told reporters on the sidelines of the HSE conference “Formation and Development of the Russian National Currency”.

“Turnover in terms of using cryptocurrency to calculate and pay for goods, works and services, of course, will be banned in Russia, it seems to me, always. I do not know what will happen in 100 years, but this will never happen in the immediate future. The ruble is our national currency and all calculations should be made in rubles, ”Moiseyev said.

During his speech at the conference, Moiseyev also added:

At this stage there are no plans to introduce criminal penalties for mining”. Moiseyev added that the idea of ​​introducing criminal punishment was discussed earlier, but then they came to the conclusion that “it would be absolutely impossible to describe the crime, therefore we decided to first describe the object, and then we will think about it.”

Earlier this month, there were some published reports on CoinDesk and Yahoo Finance claiming that Russia will allow the trading Cryptocurrency, but this turned out to be rumors.

Russian Sources can be found here and here